Home prices in Ponte Vedra Beach are still going up, even as Florida’s real estate market slows down due to high interest rates, rising insurance costs, and weather concerns.

In August, the average home price in Ponte Vedra Beach was $865,100, according to the Zillow Home Value Index. That’s a 2.6% increase from $843,100 in the same month last year.

Meanwhile, home prices across St. Johns County dipped slightly, from $520,000 in August 2023 to $517,500 this year—a 0.6% drop.

Ponte Vedra Beach was one of only two areas in the county to see home values rise. The other was Hastings, where home prices rose from $271,000 last year to $274,000 this August.

On the other hand, both St. Augustine and Nocatee saw small price declines.

• Nocatee (32081 area code): $691,200 in August, down from $692,100 last year.
• St. Augustine: $364,000 in August, compared to $370,300 in 2023.

Real Estate Experts Warn of a Slowdown

Concerns about Florida’s housing market are growing. Rising insurance rates, fears of flooding, high home prices, and fewer remote work opportunities are affecting demand.

A recent Wall Street Journal article, titled “The Great Florida Migration is Coming Undone,” warned that the market could take a sharp downturn.

Realtor.com also reported that Jacksonville, once a booming real estate market during the COVID-19 era, is now seeing homes stay on the market longer.

In September, Jacksonville’s median home price dropped 6.1% compared to last year. Statewide, Florida saw some of the biggest price declines in the country. Four of the ten U.S. cities with the sharpest home price drops were in Florida, with Miami seeing the biggest decline at 12% in September.

For now, Ponte Vedra Beach remains an exception to this trend—but for how long remains to be seen.